Zimbabwe to announce more precious metals investors

Zimbabwe’s Sunday Times reported that the Zim government will, in the next few weeks, announce at least two more investors that are expected to deploy huge foreign capital in the country's platinum sector as scores of local and foreign investors fall in love with the government's "Zimbabwe is Open for Business" mantra.

The platinum sector is one of the few sectors in the economy that is expected to create thousands of jobs directly and indirectly through the provision of additional technical expertise from the local market and other key services.

The move is part of Government efforts to fully utilize the country’s mineral deposits as one of the key strategies to feed into President Mnangagwa's Vision 2030, by which time Zimbabwe should attain upper middle income earning status with a per capita of US$3 500.

The mining sector is largely expected to drive this vision and the President has set a US$12 billion annual export target for the sector, up from US$3.2 billion achieved in 2018, the newspaper reported.

Other minerals expected to feed into the US$12 billion export target include gold, lithium, diamonds, and chrome among others. In diamonds, state miner, the Zimbabwe Consolidated Diamond Company (ZCDC) is expected to haul 4.1 million carats this year up from 2.8 million last year and has been working on a deliberate capitalization program to boost conglomerate diamond mining.